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life (VSL) and the degree of complementarity between consumption and labor supplied when health status serves as a … potential source of variation in this relationship. Our empirical analysis finds that variations in an individual's health …
Persistent link: https://www.econbiz.de/10012759625
This paper examines the role of medical care in improving health and compares that value of better health produced by … medical care with the costs of that care. Valuing medical care requires measuring the health of the population. We start by … developing a measure of the nation's health capital -- the dollar value of health a person will have over the course of their …
Persistent link: https://www.econbiz.de/10013322322
an integrated developmental approach to child and adult health that considers the costs and benefits of interventions … over the life cycle. We suggest policies to promote child health which are currently outside the boundaries of conventional …
Persistent link: https://www.econbiz.de/10013089128
This paper constructs a dynamic model of health insurance to evaluate the short- and long run effects of policies that … prevent firms from conditioning wages on health conditions of their workers, and that prevent health insurance companies from … charging individuals with adverse health conditions higher insurance premia. Our study is motivated by recent US legislation …
Persistent link: https://www.econbiz.de/10013097204
We develop a demographically-based approach for estimating the utility discount rate (UDR) portion of the Ramsey rule. We show how age-specific mortality rates and life expectancies imply a natural UDR for individuals at each age in a population, and these can be aggregated into a...
Persistent link: https://www.econbiz.de/10012951868
This paper shows that the informativeness principle, as originally formulated by Holmstrom (1979), does not hold if the first-order approach is invalid. We introduce a "generalized informativeness principle" that takes into account non-local incentive constraints and holds generically, even...
Persistent link: https://www.econbiz.de/10013040535
This paper examines demand systems where the demand for a good depends only on its own price, consumer income, and a single aggregator synthesizing information on all other prices. This generalizes directly-separable preferences where the Lagrange multiplier provides such an aggregator. As...
Persistent link: https://www.econbiz.de/10012911109
Zeitverwendungserhebung, 2012-13, have sufficient observations to allow examining the theory of household production in much more detail than …
Persistent link: https://www.econbiz.de/10012907139
Exchange rates depreciate by the difference between the domestic and foreign marginal utility growths. Exchange rates vary a lot , as much as 10% per year. However, equity premia imply that marginal utility growths vary much more, by at least 50% per year. This means that marginal utility...
Persistent link: https://www.econbiz.de/10013222977
The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle
Persistent link: https://www.econbiz.de/10013234371